Barclays Qatar Fundraising Trial Set For January 2019

Barclays Qatar Fundraising Trial Set For January 2019

Barclays Qatar Fundraising Trial Set For January 2019

The trial of four former Barclays executives charged with fraud in relation to emergency fundraisings in 2008 has been scheduled for January next year. The men indicated earlier this month they would plead not guilty and were bailed by a lower court.

It is the first trial of its kind against a bank and former executives for activities during the financial crisis.

Barclays, Varley, and Jenkins each face two counts of conspiracy to commit fraud by false representation and one count of unlawful financial assistance between May and November 2008 in relation to the British lender's June and October fundraising efforts. Kalaris and Boath have been charged with a single count of conspiracy to commit fraud by false representation during a June 2008 capital raising. It followed that up in October of the same year with a fresh £7bn capital raising.

None of the defendants were arraigned today (mon) and will not be asked to enter their pleas until sometime next year.

Judge Andrew Edis set the date of the trial for 9 January 2019 at a court hearing this morning.

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The U.K.'s Serious Fraud Office, which is bringing the case, charged the bank, John Varley - chief executive from 2004 to the end.

Boath is the former head of the bank's European financial institutions group.

Jenkins, who left the bank in 2009, was investment banking chief.

Barclays said previously that the USA justice department and Securities and Exchange Commission is also investigating these agreements, and that the Financial Conduct Authority had investigated.

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